Credit Union Times Magazine August-02, 2006

WASHINGTON - The Senate Appropriations Committee has split with the House on the level of funding for the Community Development Financial Institutions Fund, but made appropriations for the Community Development Revolving Loan Fund and the Central Liquidity Facility in line with the House bill.

COLUMBIA, Md. - Credit union marketers not only need to know how to market services to members, but they also need to market their own value to the institution, according to OSU Federal Director of Community Education Claudine Oriani.

The credit union industry is chock full of high-quality meetings and events. There are so many great events offered by a wide array of providers that it can be hard for attendees to keep track of when and where they are being held. That's why we're here. Credit Union Times...

VANCOUVER, Wash. - The ongoing saga of the $700 million Columbia Community Credit Union appeared to draw closer to a close last week as, in two separate events, a Washington appeals court ruled against a members group and the members of the CU appeared to vote against the members group's...

ALEXANDRIA, Va. - The process through which two credit unions seek to stop being CUs continued to grind on last week as the NCUA's letter to the $331 million Lafayette FCU came to light and the NCUA Board approved the procedures that the $587 million Nationwide FCU will need to...

PLANO, Texas - ViewPoint Bank is wasting no time. The former $1.4 billion Community Credit Union became a federally chartered mutual savings bank on Jan. 1, 2006, and just shy of seven months later, has notified its members of its intent to reorganize into a federally chartered mutual holding company...

SAN DIEGO - Credit unions have typically shied away from auto leasing because of the risks involved with paying off the residual value of leased vehicles. But with interest rates rising, leasing is again becoming a popular option among consumers, and Credit Union Leasing of America says its tools can...

HUNTINGTON, Ind. - As a state-chartered credit union with a robust agricultural lending program, Community Link Federal Credit Union knew it was just a matter of time before new legislation would pull the reins back on its core loan program.

SEATTLE - The American Association of Credit Union League's summer meeting only lasted two days, but the agenda for the conference held July 20-22 in Seattle was replete with discussion on a wide range of timely issues facing the credit union industry.

WASHINGTON - America's Community Bankers wrote the House last week as it was preparing to recess encouraging them to pass the Business Activity Tax Simplification Act (H.R. 1956) before they left town.

LAKE JACKSON, Texas - Not many people can say they served the credit union industry for 46 years and in as many capacities as Jim Williams, who has officially retired from the industry. Williams' career started in 1960 as manager of Amarillo AFB CU. He also led Government Employees CU...

ARLINGTON, Va. - NASCUS has added Federal Housing Finance Board nominee Geoff Bacino's name to the list of speakers who will address attendees at the association's upcoming State System Summit being held Aug. 10-12 in Dana Point, Calif.

TORONTO - DCR Strategies Limited, a firm which has made its name in the marketing and provision of loyalty programs has turned its attention to credit unions, tailoring a suite of turnkey products specifically for CUs.

COLORADO SPRINGS, Colo. - The $1.9 billion Ent FCU and the University of Colorado will soon sign a deal that will allow students at the Colorado Springs campus to have one card which will allow them full access to different parts of student life as well as ATM and debit...

In Other News

Heritage Federal Credit Union, Newburg, Ind., was recently named the Territorial Corporate Volunteer of the Year at a dinner hosted by the Salvation Army. The award was given to one company within a 10 state area. Heritage Federal has enjoyed a strong working relationship with the Salvation Army and was...

United Teletech Financial Federal Credit Union, Eatontown, N.J., recently helped build homes for Habitat for Humanity. As part of a community build at Monmouth Mall, employees and board members of the credit union helped construct six houses for the organization. Board member Derek Mahoney, Michael Peragino, director of information technology...

First Flight Federal Credit Union, Cary, N.C., recently cut the ribbon on its Mortgage Center as local dignitaries and chamber members welcomed the credit union to the community. Maggie Larson, vice president mortgage loan consultant, and President/CEO Al Fallon cut the ribbon before inviting attendees into the new facility. First...

WASHINGTON - A Small Business Administration loan program designed to help small businesses hurt by the Sept. 11 terrorist attacks continues to be criticized for its lack of documentation proving that beneficiaries were actually entitled to funding.

WASHINGTON - As the Small Business Administration enters a new era with a new administrator, credit unions continue to join the agency's flagship 7(a) loan program. As of May, 308 credit unions are 7(a) lenders, according to SBA data. The loan program has a maximum loan amount of $2 million...

Breaking News

DEARBORN, Mich. - A federal district judge has dismissed the attempt by three members of the $1.8 billion DFCU Financial to force the CU to hold a special meeting at which some or all of the board members could be recalled.

MADISON, Wis. - The CUES Marketing Department was recently honored with an Apex Grand Award in the Campaigns, Programs and Plans category, for its multi-faceted Choose CUES campaign. It was the only Grand Award presented in the nonprofit division. The campaign, which spanned nearly three years, included a refreshed Web...

Regulatory/Compliance

WASHINGTON - With net income margins being squeezed tighter and tighter, credit unions have their eye on what the Federal Open Market Committee, the monetary policy arm of the Federal Reserve, is going to do next.

ASHEVILLE, N.C. - NCUA Vice Chairman Rodney Hood underscored the importance of board development and succession planning for continuity of leadership during a speech at the SE Regional Director's Conference in North Carolina.

ALEXANDRIA, Va. - NCUA sent all federally insured credit unions a copy of its new exam questionnaire for reviewing disaster preparedness and response efforts. The questionnaire, enclosed with Letter to Credit Unions 06-CU-12, brings together the lessons learned from last year's hurricane season and other relevant guidance. It will be...

Opinions

It's no secret that Michigan has endured a struggling economy these past few years. Pressures first caused by the dot-com bust, followed by 9/11 and then the automotive industry challenges have taken their toll on Michigan businesses and their employees. And, most recently, we've borne the cost of rising energy...

Letters to the editor

If we allow banks to control credit cards, we lose overall. We can be competitive and offer risk-based offers based on members' credit ratings and overall responsibility. I think it is important and I know I would prefer to have my credit card and checking accounts in the same place....

Most definitely YES, credit unions must continue to offer cards. Credit unions now need to implement behavior monitoring systems to actively monitor plastic cards instead of simply relying on an insurer. Foregoing credit cards would be like removing net profits for some credit unions. We need to lobby on the...

We noted with interest the latest polling question about whether credit unions should "stay in the card business" considering the mounting pressures and risks associated with Fraud. The poll is a great idea and the timing is right on target! To us, however, the question is not whether a credit...

I was glad to see the high number of credit unions voting to remain in the credit card business. As an independent consultant and founder of a card consulting firm, I have been able to help credit unions realize the full potential of their card programs and the benefit to...

I was glad to see the high number of credit unions voting to remain in the credit card business. As an independent consultant and founder of a card consulting firm, I have been able to help credit unions realize the full potential of their card programs and the benefit to...

Quotes Worth Quoting

"We recommend that you explain to your members why you think Lafayette will do better than the average bank or thrift on deposit and loan rates, particularly since the generic reasons Lafayette gives in support of its conversion..are the same for all banks and thrifts."

St. Joseph's Federal Credit Union, Canton, Ohio, recently named Cari Huthmacher as its new CEO. Veridian Credit Union, Waterloo, Iowa, has promoted Nathan Tobey to the position of business development coordinator and Rusty Naber to branch supervisor at its Park Avenue Hy-Vee branch. The CU has also named Peter Halvorson...

Insight Financial Credit Union, Orlando, Fla., has announced that Shirley Stephens, member service representative, has been presented with the CU's Mission Excellence Award for the second quarter 2006. Memphis Area Teachers' Credit Union, Memphis, Tenn., has named Judy Conrad vice president of lending. Heritage South Community Credit Union, Shelbyville, Tenn.,...

Security Service Federal Credit Union, Colorado Springs, Colo., has appointed Carolyn Geyer as human resources manager. Community One Federal Credit Union, Las Vegas, has appointed Fran Silverstein to vice president of facilities and risk management; Denise Mora to vice president of sales and service; and Becki Powell to marketing manager....

ALBUQUERQUE, N.M. - White Sands Federal Credit Union CEO William Jacobs has been elected chairman of Credit Union Association of New Mexico. Jacobs has served as the CEO for WSFCU since 1997. Through his tenure, Jacobs has overseen the organization's growth within the credit union industry. WSFCU is currently the...

MEDIA, Pa. - Franklin Mint Federal Credit Union has welcomed a new director Dr. Harry J. Jamison, a retired Delaware County Intermediate Unit Executive Director. Dr. Jamison's skills and reputation for quality education will be put to good use by advising the credit union on its education initiatives. FMFCU's "Partners...

CEDAR FALS, Iowa - Iowa Community Credit Union CEO Mark Heth has been elected chairman of the Iowa Credit Union League. "I am honored to serve as the chairman of the Iowa Credit Union League," said Heth. "There are many new, exciting initiatives taking place at the League and I...